Group
| NOK million | Definition | 2012 | 2011 | 2010 | 2009 | 2008 |
| PROFIT AND LOSS ACCOUNT | ||||||
| Sales revenues | 11 466 | 13 704 | 15 829 | 10 670 | 11 056 | |
| Other (losses)/gains - net | 137 | (1 050) | (883) | (40) | (15 721) | |
| Purchase of goods and energy | (6 830) | (9 015) | (10 871) | (6 364) | (6 809) | |
| Employee benefit expenses | (908) | (864) | (582) | (772) | (761) | |
| Other operating expenses | (1 752) | (1 630) | (1 571) | (1 418) | (1 453) | |
| EBITDA | 2 113 | 1 145 | 1 923 | 2 076 | (13 688) | |
| Depreciation and impairment | (1 259) | (803) | (1 270) | (882) | (850) | |
| Operating profit/loss | 854 | 343 | 653 | 1 194 | (14 538) | |
| Finance cost | (557) | (584) | (471) | (661) | (684) | |
| Profit/loss before tax and divested operations | 297 | (241) | 182 | 533 | (15 223) | |
| Income tax expense | (349) | (456) | (574) | (336) | (902) | |
| Profit/loss for the year | (52) | (698) | (392) | 198 | (15 900) | |
| - of which operating profit/loss for prior ownership of REC | (1 090) | (1 991) | (137) | (15 912) | ||
| - of which profit/loss for the year for prior ownership of REC | (1 086) | (1 975) | (137) | (16 537) | ||
| RESULT AND RETURN, excluding prior ownership of REC | ||||||
| Operating profit/loss | 854 | 1 433 | 2 644 | 1 331 | 1 374 | |
| Profit/loss for the year | (52) | 388 | 1 583 | 335 | 637 | |
| Return on equity (ROE) | 2 | (0,7%) | 4,2% | 14,6% | 2,8% | 3,1% |
| Return on capital employed (ROCE) | 3 | 4,1% | 6% | 10% | 5% | 4,1% |
| CASH FLOW | ||||||
| Net cash generated from operations | 1 | 236 | 3 510 | 565 | 1 879 | 1 085 |
| Investments (not acquisitions) | 1 088 | 1 215 | 1 533 | 1 663 | 1 757 | |
| CAPITAL | ||||||
| Total assets | 24 794 | 24 710 | 29 613 | 28 918 | 30 520 | |
| Capital employed | 4 | 21 665 | 20 919 | 27 028 | 25 870 | 27 067 |
| - of which working capital | 587 | (248) | 3 505 | 636 | 930 | |
| Equity | 7 575 | 8 131 | 10 464 | 11 154 | 12 530 | |
| Equity ratio | 5 | 30,6% | 32,9% | 35,3% | 38,6% | 41,1% |
| Market capitalisation | 8 877 | 11 321 | 13 603 | 13 537 | 13 293 | |
| Net interest-bearing liabilities | 6 | 10 648 | 9 321 | 13 067 | 11 601 | 11 442 |
| Net interest-bearing liabilities / EBITDA | 9 | 4,8 | 4,0 | 4,6 | 5,2 | 5,3 |
| Unused overdraft facilities | 3 900 | 4 400 | 3 692 | 4 558 | 4 531 | |
| Percentage variable borrowings | 52% | 53% | 67% | 58% | 63% | |
| KEY EQUITY FIGURES | ||||||
| Number of A shares (in thousands) | 115 428 | 115 428 | 115 428 | 115 465 | 115 465 | |
| Number of B shares (in thousands) | 79 759 | 79 759 | 79 759 | 79 759 | 79 759 | |
| Number of treasury B shares (in thousands) | 397 | 397 | 451 | 451 | 451 | |
| Share price as of 31.12 A share | 45,60 | 58,00 | 70,00 | 69,75 | 68,50 | |
| Share price as of 31.12 B share | 45,30 | 58,00 | 69,25 | 68,75 | 67,50 | |
| Earnings per share (excluding REC) | 7 | (0,27) | 1,99 | 8,11 | 1,71 | 3,26 |
| Cash flow per share from operating activities | 1,21 | 18,00 | 2,89 | 9,62 | 5,56 | |
| Dividend per share | 2,50 | 2,50 | 7,50 | 2,25 | 2,25 | |
| Number of employees | 1 216 | 1 207 | 1 123 | 979 | 1 086 |
Business area Production
| NOK million | Definition | 2012 | 2011 | 2010 | 2009 | 2008 |
| PROFIT AND LOSS ACCOUNT | ||||||
| Sales revenues | 755 | 1 024 | 1 220 | 866 | 1 002 | |
| Other (losses)/gains - net | 6 | (24) | 20 | (4) | (44) | |
| Purchase of goods and energy | 40 | |||||
| Employee benefit expenses | (49) | (37) | (34) | (35) | (32) | |
| Other operating expenses | (225) | (194) | (205) | (176) | (191) | |
| EBITDA | 487 | 769 | 1 001 | 651 | 776 | |
| Depreciation and impairment | (45) | (45) | (43) | (43) | (45) | |
| Operating profit/loss | 442 | 724 | 958 | 608 | 731 | |
| OTHER KEY FIGURES | ||||||
| Investments (not acquisitions) | 24 | 62 | 170 | 174 | 113 | |
| Capital employed | 4 776 | 4 464 | 4 395 | 4 314 | 4 203 | |
| Sales Price (øre/kWh) | 22 | 32 | 39 | 27 | 30 | |
| Production volume (GWh) | 3 273 | 3 135 | 3 041 | 3 018 | 3 248 | |
| Production in % of normal production | 8 | 106 | 101 | 101 | 97 | 110 |
| Distribution of operating profit/loss for: | ||||||
| - Hydro power | 435 | 743 | 929 | 618 | 746 | |
| - Power trading | 7 | (19) | 29 | (10) | (15) | |
| Number of employees | 46 | 42 | 40 | 37 | 36 | |
Business area Heat
| NOK million | Definition | 2012 | 2011 | 2010 | 2009 | 2008 |
| PROFIT AND LOSS ACCOUNT | ||||||
| Sales revenues | 1 107 | 1 120 | 1 259 | 796 | 713 | |
| Purchase of goods and energy | (510) | (598) | (727) | (406) | (326) | |
| Employee benefit expenses | (71) | (67) | (47) | (49) | (52) | |
| Other operating expenses | (214) | (196) | (171) | (133) | (135) | |
| EBITDA | 312 | 259 | 314 | 208 | 200 | |
| Depreciation and impairment | (395) | (157) | (151) | (136) | (142) | |
| Operating profit/loss | (83) | 102 | 163 | 72 | 58 | |
| OTHER KEY FIGURES | ||||||
| Investments (not acquisitions) | 326 | 463 | 518 | 575 | 672 | |
| Capital employed | 5 576 | 5 464 | 5 280 | 4 756 | 4 353 | |
| Number of employees | 77 | 71 | 72 | 67 | 59 | |
| District heating | ||||||
| Sales price, including distribution (øre/kWh) | 59 | 71 | 72 | 61 | 65 | |
| Energy production (GWh) | 1 720 | 1 548 | 1 782 | 1 382 | 1 192 | |
| Fuel costs (øre/kWh) | 28 | 36 | 39 | 28 | 26 | |
| Gross margin sold volume (øre/kWh) | 32 | 30 | 29 | 30 | 36 | |
| Percentage renewable energy sources | 12 | 93% | 84% | 74% | 86% | 89% |
| Industrial heating | ||||||
| Energy production (GWh) | 274 | 280 | 246 | 93 | 29 | |
| Sales price (øre/kWh) | 27 | 28 | 25 | 25 | 24 | |
| Waste (thousand tonnes) | 131 | 129 | 114 | 57 | 37 | |
| Gross margin (øre/kWh) | 12 | 14 | 13 |
Business area Networks
| NOK million | Definition | 2012 | 2011 | 2010 | 2009 | 2008 |
| PROFIT AND LOSS ACCOUNT | ||||||
| Sales revenues | 3 992 | 4 202 | 4 804 | 3 385 | 3 352 | |
| Purchase of goods and energy | (1 577) | (1 909) | (2 608) | (1 217) | (1 463) | |
| Employee benefit expenses | (201) | (166) | (64) | (177) | (129) | |
| Other operating expenses | (1 195) | (1 143) | (1 054) | (956) | (893) | |
| EBITDA | 1 019 | 983 | 1 077 | 1 035 | 868 | |
| Depreciation and impairment | (504) | (514) | (546) | (542) | (545) | |
| Operating profit/loss | 515 | 469 | 532 | 493 | 322 | |
| OTHER KEY FIGURES | ||||||
| Investments (not acquisitions) | 497 | 444 | 489 | 528 | 554 | |
| Capital employed | 9 237 | 9 257 | 9 668 | 9 396 | 9 663 | |
| NVE capital | 6 149 | 6 063 | 6 160 | 6 045 | 5 936 | |
| NVE interest | 4,2% | 5,3% | 5,6% | 6,2% | 7,4% | |
| Revenue ceiling, excl. transfer costs | 2 170 | 2 312 | 2 891 | 2 461 | 1 989 | |
| Volume network losses (GWh) | 990 | 1 019 | 1 249 | 1 141 | 1 148 | |
| CNES cost | 10 | 61 | 90 | 67 | 62 | 34 |
| Regulated contribution margin | 13 | 1 926 | 1 916 | 2 287 | 2 106 | 1 616 |
| Result effect income surpluses/(shortfalls) | 11 | 268 | 212 | (203) | (16) | 205 |
| Accumulated income surpluses/(shortfalls) as on 31.12 | 11 | 425 | 155 | (57) | 143 | 149 |
| Number of customers (in thousands) | 563 | 552 | 545 | 541 | 538 | |
| Number of employees | 223 | 212 | 203 | 198 | 178 |
Business area Markets
| NOK million | Definition | 2012 | 2011 | 2010 | 2009 | 2008 |
| PROFIT AND LOSS ACCOUNT | ||||||
| Sales revenues | 5 537 | 7 275 | 8 289 | 5 062 | 5 384 | |
| Other (losses)/gains - net | 44 | (85) | 16 | 19 | (24) | |
| Purchase of goods and energy | (4 489) | (6 297) | (7 323) | (4 292) | (4 626) | |
| Employee benefit expenses | (280) | (233) | (173) | (154) | (149) | |
| Other operating expenses | (429) | (366) | (350) | (278) | (277) | |
| EBITDA | 383 | 293 | 460 | 356 | 308 | |
| Depreciation and impairment | (20) | (16) | (17) | (12) | (10) | |
| Operating profit/loss | 364 | 277 | 442 | 344 | 297 | |
| OTHER KEY FIGURES | ||||||
| Investments (not acquisitions) | 180 | 107 | 11 | 10 | 30 | |
| Capital employed | 1 753 | 1 215 | 3 391 | 2 080 | 2 331 | |
| Sales volume energy sales (GWh) | 16 374 | 15 474 | 15 867 | 13 238 | 12 936 | |
| Number of wholly and partially owned customers (in thousands) | 905 | 878 | 850 | 656 | 638 | |
| Gross margin power sales (øre/kWh) | 3,9 | 4,1 | 4,2 | 3,7 | 3,8 | |
| Distribution of operating profit/loss: | ||||||
| Power sales | 300 | 201 | 348 | 240 | 216 | |
| - of which change in value of derivatives | 44 | (85) | 16 | 19 | (24) | |
| Invoice and customer services | 64 | 76 | 95 | 103 | 81 | |
| Number of employees | 560 | 492 | 447 | 293 | 302 |
Other business
| NOK million | Definition | 2012 | 2011 | 2010 | 2009 | 2008 |
| PROFIT AND LOSS ACCOUNT | ||||||
| Sales revenues | 76 | 84 | 257 | 562 | 605 | |
| Other (losses)/gains - net | 87 | (940) | (920) | (55) | (15 653) | |
| Purchase of goods and energy | (254) | (211) | (213) | (449) | (434) | |
| Employee benefit expenses | (308) | (360) | (264) | (357) | (400) | |
| Other operating expenses | 312 | 269 | 210 | 126 | 43 | |
| EBITDA | (87) | (1 159) | (930) | (174) | (15 839) | |
| Depreciation and impairment | (295) | (70) | (513) | (149) | (107) | |
| Operating profit/loss | (383) | (1 228) | (1 442) | (323) | (15 946) | |
| OTHER KEY FIGURES | ||||||
| Investments (not acquisitions) | 59 | 139 | 345 | 375 | 389 | |
| Capital employed | 323 | 519 | 4 294 | 5 324 | 6 518 | |
| Distribution of operating profit/loss for: | ||||||
| - Staff and support services | (67) | (133) | (104) | (151) | (142) | |
| - BioWood Norway | (398) | (80) | (384) | (8) | (5) | |
| - Embriq | (34) | (1) | (49) | (52) | ||
| - REC, prior ownership | (1 090) | (1 991) | (137) | (15 912) | ||
| - Other | 116 | 76 | 1 086 | 25 | 113 | |
| Number of employees | 310 | 390 | 361 | 384 | 511 | |
| DEFINITIONS 1. Net cash generated from operations = as defined in the consolidated statement of cash flow 2. Return on equity = Result for the year excl. prior ownership of REC / Average equity including non-controlling interests 3. Return on capital employed = Operating result excl. prior ownership of REC / Average capital employed 4. Capital employed = Equity + Net interest-bearing liabilities + Net tax positions 5. Equity ratio = Equity / Total assets 6. Net interest-bearing liabilities = Interest-bearing liabilities - Interest-bearing receivables and cash equivalents 7. Earnings per share = Result for the year excl. prior owenership in REC / Average number of shares 8. Production compared to average production volume over the last ten years, adjusted for efficiency improvements 9. EBITDA = EBITDA from core businesses in Production, Heat, Networks and Markets 10. CNES cost = Quality adjustment of compensation for energy not supplied 11. See comment in Note 2.20 c in the financial statements 12. Corresponds to the use of renewable energy sources including electricity 13. Regulated contribution margin = Revenue ceiling excluding transfer costs from Statnett, less costs for network losses | ||||||